published_or_final_version / Housing Management / Master / Master of Housing Management

When faced with an investment opportunity in commercial real estate, the investor requires knowledge of the discount rate since it can be used to convert expected future cash flows from the property in today's terms and in doing so, place a value on the property. The so-called required rate of return would be the appropriate conversion rate since it compensates the investor for risk and, if attainable, will induce the investor to invest. An inaccurate assessment of the discount rate could, depending on the direction of the error, lead to a potential over or under estimation of the property value. A number of single or multiple variable frameworks for required return have been derived by other researchers for the US, UK and EU property markets. Each of the variables encountered in these frameworks acts as a proxy for some aspect of systematic risk associated with the investment. However, locally, such models are either not extensively published or well described and are limited to single explanatory variables. Some professionals prefer to avoid frameworks and simply divert to qualitative, gut-feel and experienced based considerations in order to derive at required return rate. This dissertation addressed the possible local need for an explanatory framework of required return on commercial property. The scope of work entailed: (i) a review of the literature to establish the theoretical determinants of return and (ii) an empirical study to test a short-list of parameters for Retail, Offices and Industrial sites in Cape Town, Pretoria, Bloemfontein and Durban, respectively. Three categories of explanatory variables were identified: (i) Capital market variables and alternative investment opportunities in the form of stocks on the JSE, (ii) economic activity indicators and (iii) property market fundamental parameters. The empirical study entailed a three-phase methodology, which included the following steps: (i) data sampling and processing, (ii) screening variables through the simple regression and correlation coefficients and (iii) multiple regression complemented by statistical significance testing. Between 69% and 98.2 % (alpha=O.1) of the variation in returns could be explained in terms of the variation by the explanatory variables that passed the rigorous screening process. The relative good results are likely to be related to the higher explanatory power of the multi-factor approach. The remaining unexplained portion of return can potentially be decreased by using larger samples and pursuing some of the other recommendations for additional research. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2006.

Thesis (PhD) -- University of Western Sydney, 2001. / "June 2001" Bibliography: leaves 255 - 265.

Thesis (MA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: Timesharing is one of the sectors of the tourism industry that has grown at a tremendous rate in the recent past. In South Africa, after adverse publicity and severe internal conflict in the early years, the timeshare industry is growing as this way of holidaying becomes more popular. Much is also expected of the tourism industry as a major contributor towards improving the socio-economic situation in this country. It is therefore essential that geographers and more specifically geographical information system specialists get involved in research on timeshare and related topics. This thesis investigates the potential use of geographical information systems (GIS) in the timeshare industry in South Africa. The main focus of the research is on the development of a timeshare information system (TIS). The TIS was developed by using the ArcView GIS programme and Avenue programming language and it incorporates the points system as the most popular timeshare type in South Africa. The main aim of the TIS is to find possible holiday resort destinations within South Africa that will satisfy the timeshare owner's holiday needs, at the touch of a button. To produce these results the user is asked a series of questions and he/she is expected to make some selections. This information is then processed to make it possible for the scripts that have been compiled to extract the correct results from the destination database. This comprehensive database has been compiled from existing sources. The final results are then shown to the user on regional maps of South Africa. These maps have been compiled beforehand for use during the programming phase, but also for the purpose of doing location and spatial analysis. In conclusion, the results have been tested by means of a case example. The results produced by the TIS have been verified as being correct. Although the TIS is not ready for the timeshare market at this stage it could, with slight adjustments, be of use and is a positive step in the right direction and is in line with modem trends in the industry. Keywords ArcView / Avenue / Exchange companies / Geographical information systems (GIS) / Graphical user interface / Points system / Resort Condominium International (RCI) / South Africa / Timeshare destination database / Timeshare industry / Timeshare owners / Timeshare resort facilities / Timeshare resorts / Timesharing / Tourism geography / AFRIKAANSE OPSOMMING: Eiendomstyddeling is een van die sektore van die toerisme-industrie wat tans wêreldwyd die meeste groei toon. In Suid-Afrika waar eiendomstyddeling aanvanklik gekniehalter is deur swak publisiteit en interne konflik, toon die bedryf besondere groei soos dié manier van vakansie hou, meer gewild raak. Baie word van die toerismebedryf verwag om 'n beduidende bydrae te maak tot die verbetering van sosio-ekonomiese toestande in die land. Juis hierom is navorsing oor tyddeling en verwante onderwerpe besonder belangrik. Geograwe en meer spesifiek geografiese inligtingstelselspesialiste kan in dié opsig belangrike rolspelers wees. Hierdie navorsingsverhandeling speur die gebruiksmoontlikhede van geografiese inligtingstelsels (GIS) in die tyddeelindustrie in Suid-Afrika na. Die hoof fokus van die navorsing val op die ontwikkeling van 'n tyddeelinligtingstelsel (TIS) met behulp van ArcView GIS programmatuur en Avenue programmeertaal. Hierdie TIS poog om die keuse van 'n geskikte vakansiebestemming in Suid-Afrika vir die tyddeeleienaar en potensiële koper te vergemaklik en inkorporeer in die proses die puntestelsel as tyddeeltipe. Die program stel aan die gebruiker 'n reeks vrae en seleksie opsies, waaruit dan 'n resultaat van oorde wat aan sy/haar vakansiebehoeftes voldoen, aan hom/haar voorgehou word. Hierdie resultate word getrek uit 'n omvattende tyddeelbestemmingsdatabasis wat uit bestaande bronne saamgestel is. Hierdie databasis word op verskeie stadiums deur die loop van die gebruiksproses deur die opgestelde programkode ondervrae. Tesame hiermee word die resultate ruimtelik en nie-ruimtelik aan die gebruiker vertoon. Hierdie ruimtelike komponent hang nou saam met die kartering van die tyddeeloorde in Suid-Afrika, 'n proses waartydens die ligging en verspreiding van hierdie oorde ook aandag kry. Ter afsluiting word die resultate aan die hand van 'n toetsvoorbeeld geverifieer. Die TIS lewer bevredigende resultate en hoewel dit nie in sy huidige formaat gereed is vir die tyddeelmark nie, is dit 'n positiewe stap en in lyn met moderne neigings in die industrie. Trefwoorde ArcView / Avenue / Blybeurtbedryf / Geografiese inligtingstelsels (GIS) / Grafiese koppelvlak / Puntestelsel / Resort Condominium International (RCI) / Suid-Afrika / Toerismegeografie / Tyddeelbelang / Tyddeelbestemmingsdatabasis / Tyddeeleienaars / Tyddeelindustrie / Tyddeeloorde / Tyddeeloordfasiliteite / Tyddeling / Uitruilondernemings

Twice a year, NAI Svefa publishes a report containing statistics on Sweden's real estate market.The report shows that commercial real estate on average has a clearly higher rate of returncompared to residential real estate. Risk and return have a close relationship where investorswho take a higher risk also expect a higher return. This indicates that commercial properties aremore risky to hold compared to residential properties. This paper examines the risks that cancause the difference in the yield requirement between the two property types. Six risks havebeen selected, three of which count as micro risks and three count as macro risks. The microrisks consist of financial risk, liquidity risk and business risk. The macro risks consist of cyclicalrisk, interest rate risk and political risk.The study is qualitative and includes personal interviews with eight respondents from wellestablishedSwedish real estate companies. Data collection has been done through interviewswhere respondents' responses have been compiled and then compared to each other. Theinterviews show that Swedish real estate companies agree with the reasoning between risk andreturn and that risk assessment is an important part of real estate investments.The study's results show that commercial real estate companies value financial, liquidity andbusiness risk higher than real estate companies focused on residential real estate. Interest raterisk and business risk are similarly assessed in both property types. However, the political riskis valued higher by real estate companies focused on residential real estate. The study showsthat all risks are linked, which makes it difficult to identify an individual risk that individuallycontrols the rate of return. However, after the study's implementation, the cyclical risk appearsto be the risk that has the greatest impact on the difference in the yield requirement between thetwo property types.

To fit the business environment competitively, companies are looking to develop themselves every time more, adopting strategies, implementing new systems, looking for software to help them and planning strategically how to act in the market. However, in the real estate sector, strategic planning is not widely used or used inefficiently. Thus, this study aims to analyze the characteristics of strategic planning in real estate agencies in Brazil and propose an alternative model of strategic planning for real estate agencies. Therefore, as a methodological procedure a questionnaire was applied in real estate agencies in Brazil, aiming to verify trends that are being used to support the development of the model. It was found that in Brazil real estate agencies using the basic assumptions of strategic planning, but are vulnerable in respect to implementation of the tool and control of the results after the strategic planning. Based on the results, the alternative model of strategic planning proposed for the real estate agencies consists of three main stages: analysis, implementation and control. / Para se enquadrarem no ambiente empresarial de forma competitiva as empresas estão buscando desenvolver-se cada vez mais, adotando estratégias, implementando novos sistemas, buscando softwares para auxiliá-las e, planejando de forma estratégica como agir no mercado. No entanto, no setor das imobiliárias o planejamento estratégico não é muito utilizado ou é utilizado de forma pouco eficiente. Deste modo, este estudo tem como objetivo analisar as características sobre o planejamento estratégico nas imobiliárias no Brasil e propor um modelo alternativo de planejamento estratégico para as imobiliárias. Para tanto, como procedimento metodológico, foi aplicado um questionário em imobiliárias do Brasil, objetivando verificar tendências que estão sendo utilizadas para embasar a elaboração do modelo. Verificou-se que no Brasil as imobiliárias utilizam os pressupostos básicos do planejamento estratégico, contudo estão fragilizadas no que tange a implementação da ferramenta e controle dos resultados após o planejamento estratégico. Com base nos resultados obtidos, o modelo alternativo de planejamento estratégico proposto para as imobiliárias é constituído de três etapas principais: análise, implementação e controle.

The dissertation explores the financial ramifications of US military base closure on local community real estate property values. The dissertation examines an area that has not received sufficient research. Previous works on military base closure by Bradshaw, Kroll, Corley, Kirshenbaum and Harlan (1995); Dardia, McCarty, Malkin, and Vernez, (1996); Hooker and Knetter (2001) and Krizan (1998) examine more generalized economic factors such as employment and macroeconomic activity. More recent published dissertation work by authors Hall (1998) and Poppert (2002) have provided interesting explanatory hypotheses to assist municipal and state leaders in crafting working plans to assist communities where base closure occurs. This dissertation intends to look into the effects on real estate property values in the wake of military base closures. The dissertation expands the study of base closure effects into a relatively new area on the fluctuation of real estate property values. An enhanced understanding of how military base closures affect real estate values will have implications for real estate investors, developers, city and county government planners, and budget directors from local school districts to state government.

This master thesis is focused on the analysis of the real estate market and its segmentation. The beginning of the thesis deals with the basics of the real estate economy and consequently with the main segments on the real estate market. Different statistical and mathematical methods are used in the segmentation of the housing market. The thesis is closed by the analysis of the real estate market and the demonstration and description of how to separate the segment from the market. The output of the work is the recommended methodological procedure for the appraisers.

The diploma thesis focuses on evaluation of revenue of investing in real estate through collective investment, especially through the real estate investment trusts and revenue gained by direct investment in real estate with regard to current situation in Slovak real estate market. The thesis should guide potential investor through these types of investments and its result is formulation of investment recommendation.

Diploma thesis deals with problems of new real estate agency when entering the market. The aim is to create a draft business plan for new real estate reality called Pernikové reality s.r.o., characterize the work of a real estate broker and describe the real estate market in which the real estate agency will work.